Disclaimer: There are plenty of definitions of "Wealth". For the sake of this blog, we are referring to economic wealth and financial independence.

Financial independence is generally used to describe the state of having sufficient personal wealth to live, without having to work actively for basic necessities. For financially independent people, their assets generate income that is greater than their expenses.

Having a business is vital if you want to achieve financial independence. With rare exception, it is impossible to achieve this by working for someone else. Before we break down the two things you must enact in order to become financially independent, let's discuss why a job cannot allow you to achieve wealth.

In a job, you are exchanging time for money, also referred to as linear income. So long as you evenly exchange time for money, you cannot achieve wealth. While having a job is important and can provide a great living, it cannot bring about a fortune. Your CEO will always leverage your efforts and it is nearly impossible for you to oust your CEO and take his or her job, let alone break through the glass ceiling. Most high-paid professions require a college education--most of which come at a high price--tens of thousands of dollars in student loans and at least 4 or more years in academia. The amount of interest paid alone, makes one wonder how soon one can break even after securing a job.

Also, you cannot "will" a job to a child or relative (so your profession literally dies with you when you pass on). And lastly, W2 income earners are taxed at the highest level and receive what's left after Uncle Sam takes his cut.

Before moving on, this is not to discourage attending college. However, we must be mindful about how we intend to reach financial independence if that is truly a goal. Personally, I have always wanted to be wealthy but didn't know how. Probably one of the best books I read on the subject was Rich Dad, Poor Dad written by Robert Kiyosaki. It broke down how Robert, as a young child, learned how to achieve wealth based on observing his biological father who was a high paid professional, and his friends father, an entrepreneur. The book was fascinating and is a "must-read" for anyone looking for to understand the principles of financial freedom.

That being said, achieving financial independence comes down to putting into action two wealth principles:

1) Leverage - The ability to profit from the talents and efforts of others to contribute to your income. Most of us understand what it is to BE an employee. But do you have a plan to leverage others?

2) Passive (Residual) Income - Earning ongoing revenue stemming from a one-time effort. Similar to how authors and singers earn song or book royalties (or how actors earn royalties from sitcom reruns), always find ways to reap ongoing rewards from a single effort.

Here's the ugly truth...MOST businesses that allow you to leverage others and earn passive income require a significant investment. Especially franchises like McDonalds and IHOP. It gets even uglier to think about the fact that one could slave away at one of these establishments as an employee and barely make enough to cover basic necessities.

So is there a more affordable way to earn residual income and leverage the hard work of others all while empowering them at the same time? What if all you had to do was follow a proven system?

Yes there is. Check out this video.

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